The electronics industry in which our group belongs witnessed a solid progress due to the market growth of electronic devices such as smart-phones and tablet PC's.
Capital investment from the semiconductor and FPD industry was very active, thus creating a favorable framework as per sales of our Material related products.

In the automotive industry, sales in the North American and Chinese market remained very strong throughout the year, which has contributed to increased sales of our core product, the Thermo-electric module designed for the climate control car seats, along with new applications for this device such like water servers or beauty home appliances, serving people everyday's comfort.

On the other hand, the photovoltaic industry struggled due to the impact of falling prices of solar panels, and the customers were forced to adjustments in production, if not bankruptcy. It is a severe business environment but our efforts in operating with better efficiency and measures of restructuration towards profit improvements are starting to pay off.

We have also pursued our M&A activity to keep expanding our business portfolio, for which I solicit your acknowledgement, as I am certain that these are the necessary steps for creating the future growth drivers.

To our Shareholders, we will remain as a company that provides happiness and excitements towards continuous progress.